Sale of a portfolio of three medical office properties adjacent to or immediately nearby area hospital complexes in Altamonte Springs, Sand Lake/Dr. Phillips and Tavares. The medical condominium offices and the free standing medical office comprise a combined total of 8,173 SF. $150,005. NOI 2019 - 6.67% CAP The properties are fully leased to a single national corporate medical tenant, Upperline Health, Inc. and are operated as Podiatry MedicalSurgical service providers. The current five year lease term extends through March of 2025. Rents increase by 2% annually. Under modified NN lease terms, the tenant pays for utilities and unit maintenance, the landlord is responsible for Sales Tax, Real Estate Taxes and HOA fees. The properties are operated as an investment and the portfolio reported a first-year net income of $150,005.40 during 2019. The Orlando Metro Office Real Estate Market and the exploding expansion of area hospitals, medical services offerings and facilities underscore the current demand for highly customizable professional offices in key area sub-markets. Altamonte Springs, the Sand Lake area along Turkey Lake (adjacent to I-4) and the Waterman Hospital district along US 441 in Mount Dora-Tavares, are key Central Florida population centers surrounding significant commercial-business districts. Each of the properties are ideally located within or adjacent to major regional hospital facilities and will be attractive locations for professional medical providers for many years to come.
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